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The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
Past performance and current analysis do not guarantee future results.
*US large-caps represented by S&P 500, Japan by MSCI Japan, Europe ex UK by MSCI Europe ex UK, US small-caps by Russell 2000 Index, UK by MSCI UK, emerging markets by MSCI Emerging Markets Index, Australia by MSCI Australia and China by MSCI China A Index.
As of March 31, 2024
Source: FactSet, FTSE Russell, MSCI, S&P and AllianceBernstein (AB)
Past performance and current analysis do not guarantee future results.
*Indexed to 100 on January 1, 2024
†Based on reported adjusted earnings for the most recent fiscal year. Fiscal year for Amazon, Meta Platforms, Alphabet Inc. and Tesla ended December 31, 2023. Microsoft’s most recent fiscal year ended June 30, 2023. Apple’s fiscal year ended September 30, 2023. NVIDIA’s fiscal year ended January 31, 2024.
As of March 31, 2024
Source: Bloomberg, S&P, company reports and AB
Past performance and current analysis do not guarantee future results.
*Based on consensus earnings estimates, cap-weighted. Magnificent Seven stocks are Alphabet Inc., Amazon, Apple, Meta Platforms, Microsoft, NVIDIA and Tesla. †The number of long-term forecasts per company is generally lower than the number of short- and medium-term forecasts and has fallen over time. In some instances, there may be as few as zero, one or two long-term earnings-per-share forecasts for some large-cap stocks. Despite these shortcomings, we believe the signals provided by these data are robust because we’ve observed that the decline in growth expectations is common across regions and many sectors, and median estimates have fallen by a similar degree.
Left display as of March 31, 2024; right display as of March 27, 2024
Source: Bloomberg, FactSet, MSCI, S&P, Thomson Reuters I/B/E/S and AB
Past performance and current analysis do not guarantee future results.
As of March 31, 2024
Source: FactSet, MSCI, S&P and AB
The views expressed herein do not constitute research, investment advice or trade recommendations and do not necessarily represent the views of all AB portfolio-management teams. Views are subject to revision over time.
MSCI makes no express or implied warranties or representations, and shall have no liability whatsoever with respect to any MSCI data contained herein.
The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed or produced by MSCI.
References to specific securities discussed are for illustrative purposes only and should not to be considered recommendations by AllianceBernstein L.P. It should not be assumed that investments in the securities mentioned have necessarily been or will necessarily be profitable.